Prof. Wu Jingmei discusses in her contribution to the book “Social Credit Rating” the current situation, logic and development trends of China’s credit reporting system. China’s credit reporting system is composed of financial, commercial and administrative credit reporting, which were set up according to its resource allocation system divided into financial sector, non-financial sector, and government sector, respectively.

The three sectors take credit as one of the referential factors in resource allocation, and establish corresponding credit reporting systems and credit evaluation mechanisms. The high participation of government departments in resource allocation gives the pattern, content, and purpose of the credit reporting systems its Chinese character, says Prof. Wu Jingmei. China’s three major resource allocation systems and three major credit reporting systems complement each other, which is a new type of social governance model to achieve co-governance on credit rules.

Professor Wu Jingmei, School of Finance, Renmin University of China. Prof. Wu has engaged in credit research for more than 30 years. She founded modern credit theory and built the theory of credit capital and three-dimensional credit theoretical framework. Her credit theory has a far-reaching influence on the construction of China’s social credit system.

Prof. Wu has participated in the formation and argumentation of many credit-related policies of China. As a core member of the drafting team and the leader of the expert argumentation committee, she took part in “Outline of the Plan for the Building of Social Credit (2014-2020)”, issued by the State Council of China. She was also the leader of the expert argumentation committee of “Overall Plan for the Building of Unified Social Credit Code System for Legal Persons and Other Organizations” (approved and transmitted by the State Council of China). In the assessment of the first-batch model cities of social credit system building in China, she was the leader of the expert assessment committee. So far, she has led hundreds of credit research projects of government ministries, local governments and large corporations.